重磅利好！央行，“十箭”齐发！

Core Viewpoint - The People's Bank of China (PBOC) is implementing a comprehensive set of monetary policy measures to stabilize the market and expectations, following the Central Political Bureau's meeting on April 25, aimed at promoting a moderately loose monetary policy [1][2]. Group 1: Quantity-based Policies - The first category of policies focuses on quantity measures, primarily through reserve requirement ratio (RRR) cuts to enhance long-term liquidity supply, with specific actions including a 0.5 percentage point reduction in the RRR, expected to provide approximately 1 trillion yuan in long-term liquidity [2]. - The PBOC will also adjust the RRR for auto finance and financial leasing companies from 5% to 0% temporarily [3]. Group 2: Price-based Policies - The second category includes price measures, such as a 0.1 percentage point reduction in the policy interest rate, lowering the seven-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [4]. - Structural monetary policy tool rates will be reduced by 0.25 percentage points, including a decrease in the re-lending rate for agriculture and small enterprises from 1.75% to 1.5%, and the mortgage supplementary loan (PSL) rate from 2.25% to 2% [4]. - The personal housing provident fund loan rate will also be lowered by 0.25 percentage points, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [4]. Group 3: Structural Policies - The third category aims to enhance existing structural monetary policy tools and innovate new ones to support technological innovation, expand consumption, and promote inclusive finance. Specific measures include increasing the re-lending quota for technological innovation and technological transformation from 500 billion yuan to 800 billion yuan [5]. - A new 500 billion yuan "service consumption and elderly care re-lending" will be established to encourage banks to increase credit support for service consumption and elderly care [6]. - The re-lending quota for agriculture and small enterprises will be increased by 300 billion yuan, with a concurrent reduction in the re-lending rate to support banks in expanding loans to agricultural small and private enterprises [6]. - The optimization of two monetary policy tools supporting the capital market will merge the 500 billion yuan swap convenience for securities, funds, and insurance companies with the 300 billion yuan stock repurchase increase re-lending, resulting in a total quota of 800 billion yuan [6]. - A risk-sharing tool for technological innovation bonds will be created, allowing the central bank to provide low-cost re-lending funds to purchase these bonds, supporting low-cost, long-term financing for technology innovation enterprises and equity investment institutions [6]. Implementation - The ten main policy measures across the three categories will be gradually disclosed and implemented on the PBOC's website [7].